Other Forms of Insurance

We have already talked about workers compensation insurance for employers, but what about the other forms of business insurance that small businesses need for their security.

“The most common types of coverage a business obtains are:

• Business liability
• Business property
• Workers’ compensation.

It is possible to get any of these sorts of policies, but make sure your insurance company understands the nature of your business. Your standard insurance company may refuse to sell you a policy because of the nature of your business. However, there are “surplus lines” companies that sell specialized types of coverage specific for cannabis-related companies. With regard to business liability and business property coverage, your insurance company may cover some interests, but exclude cannabis products.

For example, your insurer may provide liability coverage for someone tripping or falling in your store, but it may exclude the products you sell. A business property policy may choose to cover some items such as your building structure, computers, shelving, and furniture, but exclude the actual cannabis products. Employers must have workers’ compensation insurance for their employees, but insurance companies are not required to sell you coverage.

If you cannot find a company who will sell you a plan, contact the Small Business Ombudsman’s office at wc.advocate@oregon.gov or call 971-283-0997, which will be able to help you locate a company that will sell you a policy through the assigned risk pool. “

– The Oregon Department of Financial Regulation 2016

https://dfr.oregon.gov/insure/Documents/4845-cannabis-qa.pdf